This forecast model is designed to help you plan your department expenses in detail for each year and company.
Using the zero-based method, you can enter details for each expense type by month. The budget submissions can be delegated to each department.
Below is a step-by-step guide on how to use the Expense Planner.
You will find the Expense Planner in Essentials -> Forecast.
Click on the field behind the Run button, and select the year and company from the dropdown menus.
Click on the Run button to retrieve the latest version of your expense budget.
For each account (in the Reporting code column), you can enter your estimated expense amount (in the Budget column). This way, you can enter the details of your forecasted expenses. Tip: you can either enter individual items or summarized totals.
The VAT% and Cash delay columns are used to forecast your cashflow, based on the expected time of payment. These columns indicate the payment terms that typically are associated with these expenses. By default, expenses are assumed to convert into cash into the same month as they were forecasted. This information is used by the Cashflow Forecast report to calculate future cash outflows.
You can set the VAT rates via Update --> Settings.
The planner column enables you to plan your expenses across all months in the year. This can help you better understand and plan the seasonal patterns in your expenses.
The planner has the following options:
You can add a new line via the hamburger ☰ icon in the left column. Using that dropdown menu you can also copy, move and delete rows.
Once you've entered all the necessary information, you can view the results in the columns Total Expenses and in the charts. This will give you a clear picture of your estimated expenses for each line.
Once you are finished entering all details, click the Save button. Your budget will be saved right away. Your forecast is immediately included in all reports.
We hope that this helps you to understand how to use the Expense Planner. Keeping track of your departmental expenses has never been simpler. If you have any further questions, please don't hesitate to reach out to our support team.